Obamanomics 101: The Bad News Is, the Good News Isn’t Really That Good

posted at 8:47 am on July 28, 2009 by The Other McCain

The Boss today calls attention to a New York Times feature about unemployment:

It’s bad enough that the unemployment rate has doubled in only a year and a half and one out of six construction workers is out of work. What truly troubles President Obama’s economic advisers is that, even adjusting for the recession, the contraction in employment seems way too high. . . .
The Federal Reserve now expects unemployment to surpass 10 percent . . . The economy has shed 6.5 million jobs . . . Economists fear that even when the economy turns around, the job market will be stagnant.

Even while the media keeps pushing “recovery” talk, the further ahead you look, the scarier it gets:

The global economy may fall back into a recession by late 2010 or 2011 because of rising government debt, higher oil prices and a lack of job growth, said Nouriel Roubini, the New York University economist who predicted the credit crisis. A “perfect storm” of fiscal deficits, rising bond yields, “soaring” oil prices, weak profits and a stagnant labor market could “blow the recovering world economy back into a double-dip recession,” he wrote . . .

Did anybody notice that the FDIC took over six banks Friday, bringing the year-to-date total to 64 bank failures? And there’s more trouble on the horizon for the banking industry:

Regional banks can no longer ignore the elephant in the room — their exposure to the commercial real estate bust . . . analysts expect credit problems over the next year to center on commercial real estate — mortgages on office and apartment buildings and shopping malls, as well as construction, development and industrial loans. U.S. banks hold some $1.8 trillion worth of commercial loans, according to Federal Reserve data . . . With financing markets locked up and the economy still mired in recession — unemployment is at a 26-year high while capacity utilization, a key measure of industrial production, recently hit a record low — observers fear a wave of loans will go bad in coming quarters . . .

People who read headline saying the worst is over need to read the fine print in those stories. If the headline says “June New Home Sales Up,” for example, be sure to pay attention to the bad news about the good news:

However, sales are still 28% below the levels of a year ago, when new homes sold in June at an annualized rate of 530,000. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month. . . .

Look at what analysts told the Wall Street Journal:

“[T]he dismal state of the U.S. labor market will continue to cast a long shadow over the prospects for a meaningful recovery in the sector in the near term . . .”
“[T]he report showed a sharp 6% sequential decline in June suggesting that much of the sales activity was concentrated at the lower end of the market . . .”
“The news sounds better than it looks . . . despite the jump in sales in June, new home sales remain at very low levels, and the not seasonally adjusted data show a total of 36,000 homes sold nationwide in June, the lowest sales total for June since 1982.”

Hey, how good can the economy be, if Tim Geithner can’t sell his house? The two-week stock-market surge — which saw the Dow Jones Industrial Average zoom up about 800 points before the rally ended Friday — was fueled in large measure by a constant media drumbeat of “recovery is near” messages. Allen Abelson of Barron’s is getting tired of the happy-talk:

The melancholy fact is that our ink, online and TV colleagues can be too easily snookered by Washington, Wall Street and Corporate America, all of whom are desperately peddling recovery rather than reality.

One of the things that make it hard for people to figure out which way the economy is heading is that analysts shy away from outright predictions:

Like being a weatherman who never gets around to saying firmly, “It’s gonna rain tomorrow,” you’re always 100% accurate.

Me? I boldly say, “Bring your umbrella.” As I first explained in December at The American Spectator, the most important thing to understand about Obamanomics is It Won’t Work. The neo-Keynesian deficit-spending “stimulus” approach, which began with Henry Paulson and the Bush administration, is the exact opposite of what the economy needs, because The Fundamentals Still Suck.

Obamanomics flunks in terms of the basics. There is nothing in economic history to support the belief that the agenda currently being pursued in Washington will lead to real recovery. Jimmy Carter-style “stagflation” is a much more likely result.

This post was promoted from GreenRoom to HotAir.com.
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It is hard to ditnquish good from the constant lies and deceptions by the democrats. Peloser and Reid are so obviously incompetent it’s alarming.

volsense on July 28, 2009 at 8:51 AM

if a small business goes under or if a big business moves overseas, those jobs aren’t coming back.

now, someone might start a business soon, but it might take time for it to employ people. and in today’s times, they may not ever employ people.

just wait til bambi has to raise taxes. alot.

kelley in virginia on July 28, 2009 at 8:52 AM

It is criminal that we are not drilling OUR oil in this country.

We have a huge natural resource, that our arrogant, corrupt and incompetent President and his party REFUSE to exploit.

All because of junk science and the puritan environmentalists.

Producing our own energy would provide jobs and lower prices. Both would stimulate the economy, unlike the Democrats shoveling billions to their donors in the so-called “stimulus” Bill they rammed through Congress.

The Democrats need to be beaten like a Pinata with this to the point that Democrats are dragged out of the Capitol and beaten in the streets, prior to be thrown bodily out of Congress.

NoDonkey on July 28, 2009 at 8:52 AM

nodonkey: the dems (and the Republicans in Congress) need to be beaten on about 10 points. why dither about which one?

look people, we need to stick together on this obamacare. today.

kelley in virginia on July 28, 2009 at 8:54 AM

I don’t think the happy talk’s gonna work for the 8000 soon-to-lose-their-jobs folks mentioned on World News Tonight last night.

tree hugging sister on July 28, 2009 at 8:54 AM

I agree with your prediction of a return to 1970s stagflation, not a good thing at all. The one blessing from that time is that everybody — and I mean everybody — was so sick of inflation that we kept it under pretty good control for some 25 years. Maybe Obama’s gift to the country can be another quarter century of discipline following a brutally rough Obama recession.

The other side to the story is how shamelessly the MSM are covering for Obama, going to ridiculous lengths to spin bad economic news for him. Cue the latest Newsweek cover, claiming “the recession is over” but warning that the recovery period will still be difficult.

jwolf on July 28, 2009 at 8:54 AM

Has anyone noticed the trend of people in the administration heading to China during the weeks that the Treasury auctions off it’s debt? Over 200 billion auctioning this week.

genso on July 28, 2009 at 8:54 AM

We are so screwed, they want the dollar to fail.

Firebird on July 28, 2009 at 8:56 AM

Glenn Beck has been warning about ‘the perfect storm’ for years now.

To mix metaphors:

There are a lot financial chicken coming home to roost.
+
Barry has done a fine job of pouring gas on the fire.
=
America will be ‘extra crispy’

rockbend on July 28, 2009 at 8:57 AM

rockbend on July 28, 2009 at 8:57 AM

You’re making me hungry.

genso on July 28, 2009 at 8:58 AM

Has anyone noticed the trend of people in the administration heading to China during the weeks that the Treasury auctions off it’s debt? Over 200 billion auctioning this week.

genso on July 28, 2009 at 8:54 AM

Oh yeah… we are nearing an inflection point…. I think that someday soon we will have a failed auction, which will create some serious turbulence in the bond markets.

BPD on July 28, 2009 at 8:58 AM

BPD on July 28, 2009 at 8:58 AM

IIRC, this is the fourth month in a row either Geithner or Clinton has shown up in Beijing on their knees the week of these auctions.

genso on July 28, 2009 at 9:00 AM

Isn’t this really all part of Obama’s plan? Savage the economy to make people more receptive to government dependence?

He waited for unemployment to rise to bring his communist health care bill out.

Seems like Obama’s plan is working. Unfortunately, the mindless masses aren’t quite as receptive to turning over their lives to him as he had hoped.

darwin on July 28, 2009 at 9:00 AM

From Inside Higher Ed:

A foundation created and led by Henry Louis Gates Jr. is amending its federal tax form after questions were raised about $11,000 paid to foundation officers — funds that the original tax form called research grants, but that should have been classified as compensation, ProPublica reported. When the payments are accounted for accurately, the foundation’s administrative expenses will account for 40% of its spending in 2007, not 1% as originally reported to the IRS. Gates created the Inkwell Foundation with the goal of supporting work on African and African-American literature, history and culture, the article said. The report by ProPublica also noted that some of the actual grants went to people close to Gates. Gates told ProPublica that the foundation’s second-largest grant, for $6,000, went to his fiancée, Angela DeLeon,. DeLeon was formerly on the foundation board and Gates said he recused himself from a vote on the grant. A grant of $500 went to Evelyn Higginbotham, chair of the foundation’s board and chair of Harvard University’s Department of African and African-American studies. Gates said she didn’t vote on the grant. ProPublica is an organization that conducts investigative journalism. The article noted that Gates — the Harvard scholar who is a leading figure in African-American studies whose arrest at his home has set off a national debate about the way black men are treated by law enforcement — also serves on ProPublica’s board.

Tax Cheats in charge of the IRS. Tax Cheats employed as czars providing oversight to most every aspect of our lives. This isn’t America! These people need to be driven to the southern border and sling-shotted into Mexico where they belong.

Keemo on July 28, 2009 at 9:01 AM

darwin, on the contrary, i think the masses are mindless. if a sitting Congressman can say to the news media “why read the bill–its too long” then there is no accountability anymore.

we need to get obamacare defeated. then we need to rest during the congressional recess, then we need to get back to work. we can’t stop.

kelley in virginia on July 28, 2009 at 9:03 AM

I can vouch for the good news and bad news about the housing market. My neighborhood had a ton of new houses start springing up last month which reflects the rise in new home sales for June.

But on the flip side, a few months ago my old townhouse finally sold after sitting on the market for a while. It went for around $104,000. I bought it back in February 2006 for over $121,000. That’s a steep decline in value in just over 3 years.

Thankfully I had a guarantee buyout price negotiated with my realtor, so the loss in value didn’t screw me over. But it shows how even the good economic news right now is outweighed by the negative.

Doughboy on July 28, 2009 at 9:04 AM

BPD on July 28, 2009 at 8:58 AM

The administration knows this and we will see more aggression on getting the socialist programs passed. What is left of the financial floor will drop from beneath them in the next 3-6 months. It is going to be a bleak winter.

HoustonRight on July 28, 2009 at 9:06 AM

we can’t stop.

kelley in virginia on July 28, 2009 at 9:03 AM

That is critical because the left never stops.

I do think the mindless masses are becoming less “mindless”. Cap and Trade and his communist health care plan are forcing people to do what they should have done prior to the election … research and read.

darwin on July 28, 2009 at 9:06 AM

But it shows how even the good economic news right now is outweighed by the negative.

Doughboy on July 28, 2009 at 9:04 AM

But unreported. Home prices fell 17% in May compared to 18% in April. That was just reported on CNBC as a rise in home prices. I must have had a poor math education because I don’t get how a lesser decrease is an increase.

genso on July 28, 2009 at 9:08 AM

genso on July 28, 2009 at 9:08 AM

Welcome to political math 101! :)

HoustonRight on July 28, 2009 at 9:10 AM

I don’t think the happy talk’s gonna work for the 8000 soon-to-lose-their-jobs folks mentioned on World News Tonight last night.

tree hugging sister on July 28, 2009 at 8:54 AM

I assume you’re referring to Verizon’s pending job cuts. Today that was followed up with Bank of America’s plan to close 10% of their branches. But as Newsweek says, the recession is over.

Doughboy on July 28, 2009 at 9:10 AM

Welcome to political math 101! :)

HoustonRight on July 28, 2009 at 9:10 AM

I shoulda payed more attention in poli-sci I guess.

genso on July 28, 2009 at 9:11 AM

look people, we need to stick together on this obamacare. today.

kelley in virginia on July 28, 2009 at 8:54 AM

Kelley,

Agreed……I’m working on it!

Rovin on July 28, 2009 at 9:16 AM

we need to stop being so smart.

the ads that the Dems are running now about Obamacare indicate that if it doesn’t pass, little johnny will spend the rest of his life with an open, gangrene & maggot infested sore because he has no health ins.

so that ad inflames the uneducated (conyers?) to call up: “we want health care for all”.

meanwhile, we’re smarter: we call up & say “eliminate this provision or that provision”.

call up & say NO, NO, & HELL NO. talk about elections. that is all they care about.

kelley in virginia on July 28, 2009 at 9:17 AM

kelley in virginia on July 28, 2009 at 9:17 AM

Been my position all along. The only thing that will reform health care is getting the government out all together.

HoustonRight on July 28, 2009 at 9:21 AM

ok, i’m going outside in the humidity. i’d rather have a heat stroke today than 6 mos. from now if obamacare passes.

i emailed my senators last night. they are busy reading those emails now, no doubt.

will call them (again) when i come in.

c’mon HotAirians. we need to do this.

kelley in virginia on July 28, 2009 at 9:28 AM

I will admit i have been wrong on the stock market. Yet my money is in cash and yes i did miss the rise from 6500 to 9,000 that being said I underestimated the power of hope and unicorns. and the power of the media. Reality as a way of catching up to hope and unicorns. the media not so much So will the fear and panic happen again and push the dow down? I think so. The simple matter is you can not have a robust economy when 10% of your population is out of work IMO.

unseen on July 28, 2009 at 9:28 AM

The simple matter is you can not have a robust economy when 10% of your population is out of work IMO.

unseen on July 28, 2009 at 9:28 AM

It’s actually much worse than 10%. That figure is claims. Claims have expired for a lot of people now unreported. And the outlook is not any better for the foreseeable future.

genso on July 28, 2009 at 9:31 AM

Howard Daviowitz sounds about right!

sonnyspats1 on July 28, 2009 at 9:31 AM

Yet my money is in cash…

unseen on July 28, 2009 at 9:28 AM

What good will cash do you when hyper-inflation kicks in and the world markets drop the dollar in favor of a new currency?

rockbend on July 28, 2009 at 9:33 AM

I can imagine the headlines if Bush was still in office. The doom and gloom would drive the stock market below 6,000 I would bet. No matter how bad things are, Obama is getting a pass. Someone needs to do a compare and contrast on the MSM reporting on the economy since Obama was elected. Should prove intersting.

Johnnyreb on July 28, 2009 at 9:33 AM

kelley in virginia on July 28, 2009 at 9:28 AM

All my reps are solidly against it and that’s why I moved to Texas.

Otherwise, I’d still be wasting my time calling Moe (Jim Moran), Larry (Jim Webb) and Curly (Mark Warner).

NoDonkey on July 28, 2009 at 9:34 AM

Got to give Hussein credit, he predicted the crisis was about to turn into a catastrophe.

Unfortunately it was his plan that drop kicked us from one to the other.

fogw on July 28, 2009 at 9:45 AM

Well, the good news (except for Nancy Pelosi) is that Congress is looking into taxing cosmetic surgery and Botox treatments. Taxing boob jobs and Botox, I hear it will be called the

TITS & TOX TAX.

bradley11 on July 28, 2009 at 9:50 AM

NoDonkey on July 28, 2009 at 9:34 AM

Welcome, glad to have ya!

HoustonRight on July 28, 2009 at 9:51 AM

The two-week stock-market surge — which saw the Dow Jones Industrial Average zoom up about 800 points before the rally ended Friday — was fueled in large measure by a constant media drumbeat of “recovery is near” messages.

The media knows this, that’s why they keep up the drumbeat. They are no dummies. They know they are behind and and are purposely doing it. They want to see it go up.

ballz2wallz on July 28, 2009 at 9:53 AM

However, sales are still 28% below the levels of a year ago, when new homes sold in June at an annualized rate of 530,000. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month. . . .

The median price for the homes being sold has declined 12% since last June too. Good news for bargain hunters, bad news for builders and tax accessors I guess.

Mike Honcho on July 28, 2009 at 10:00 AM

Economics is, as Dan Akroyd would call it, an ugly bag of snakes. Trying to lay them out straight and make sense of all the different parameters and charts and graphs makes my eyes glaze over and my tiny brain hurt. Is there a simple, layman’s explanation available to those of us who barely survived Econ 101 in college? And who are the lame-asses crowing about recovery? I smell a purely political rat.

SKYFOX on July 28, 2009 at 10:02 AM

I’m no economist, but I think we’ll be drifting for quite some time. Nobody will be expanding, while large and small employers will continue to cut people. Depending on people’s safety nets, I think by Labor Day next year, people will have had enough of Obamanomics. Sure, he’ll always have 30% of the electorate, but enough of the middle will realize he doesn’t know anything. Some have feared that ACORN will steal the 2012 election; I think we’ll be so impatient with him. His supporters–too many employed in ACORN, SEIU, AFSCME, and the like collecting gub’mint or gub’mint-subsidized paychecks–will be resented by those standing in private-sector employment lines.

In the meantime, it’s going to be bleak.

BuckeyeSam on July 28, 2009 at 10:02 AM

Well, the good news (except for Nancy Pelosi) is that Congress is looking into taxing cosmetic surgery and Botox treatments. Taxing boob jobs and Botox, I hear it will be called the

TITS & TOX TAX.

bradley11 on July 28, 2009 at 9:50 AM

Too funny! I just read that on NationalJournal.

I don’t think the tax will bother SanFranNan. She will find a way to include that into her gold-plated health care package.

… or it will be a tax write-off (don’t want to scare her constituents or frighten the entire country if we saw what Nancy Pelosi really looked like, right?)

VibrioCocci on July 28, 2009 at 10:03 AM

One factor that rarely gets mentioned regarding the collapse in new house starts was the hyper-inflation of building materials in 2006-2008. The primary reason for material price rises was the spike in oil prices. This was felt throughout the housing market in all materials because of higher transportation costs, and it was higher still in products directly using an oil base such as any vinyl components, (such as siding/windows, etc.)and an over 100% rise in 12 month in the cost of roofing materials. This was completely orchestrated by oil pricing which, along with transportation costs in general, started this downturn.

Jeff from WI on July 28, 2009 at 10:04 AM

Well, the good news (except for Nancy Pelosi) is that Congress is looking into taxing cosmetic surgery and Botox treatments. Taxing boob jobs and Botox

bradley11 on July 28, 2009 at 9:50 AM

Too funny! I just read that on NationalJournal.

I don’t think the tax will bother SanFranNan. She will find a way to include that into her gold-plated health care package.

… or it will be a tax write-off (don’t want to scare her constituents or frighten the entire country if we saw what Nancy Pelosi really looked like, right?)

VibrioCocci on July 28, 2009 at 10:04 AM

too many people getting high smoking green shoots.

exceller on July 28, 2009 at 10:05 AM

The global economy may fall back into a recession by late 2010 or 2011 because of rising government debt, higher oil prices and a lack of job growth, said Nouriel Roubini

So, wealth doesn’t exist just because governments say it does? Governments borrowing or printing money doesn’t actually create wealth, and it will likely have the opposite effect? Well, I’ve never heard of such a thing! Doesn’t this guy know that Governments “invest” money and “create jobs”?

forest on July 28, 2009 at 10:05 AM

or it will be a tax write-off (don’t want to scare her constituents or frighten the entire country if we saw what Nancy Pelosi really looked like, right?)

VibrioCocci on July 28, 2009

That is clearly photo-shopped. She would never wear those colors; she’s an autumn.

SKYFOX on July 28, 2009 at 10:09 AM

That is clearly photo-shopped. She would never wear those colors; she’s an autumn.

SKYFOX on July 28, 2009 at 10:09 AM

My mistake.

Thanks for catching that, SKYFOX!

VibrioCocci on July 28, 2009 at 10:12 AM

Hey, how good can the economy be, if Tim Geithner can’t sell his house?

Tax free sale, right?

forest on July 28, 2009 at 10:13 AM

The other side to the story is how shamelessly the MSM are covering for Obama, going to ridiculous lengths to spin bad economic news for him.

Yeah, as opposed to when Bush was in office and we had a real recovery from a bad recession that he truly inherited from his predecessor (that you never heard him complaining about), coupled with an unprecidented attack on our country that severely hampered the recovery. When the recovery finally happened, the media had everyone convinced “Well, things are good for me, but they s*ck for my neighbor.”

I really wish we could bring the media up on treason charges.

crazy_legs on July 28, 2009 at 10:21 AM

Tax Cheats in charge of the IRS. Tax Cheats employed as czars providing oversight to most every aspect of our lives. This isn’t America! These people need to be driven to the southern border and sling-shotted into Mexico where they belong.

Keemo on July 28, 2009 at 9:01 AM

What do you have against Mexico?

zeebeach on July 28, 2009 at 10:22 AM

The primary news here is that NYT published that article and included Roubini’s comments.

The secondary news is that HotAir published an article indicating a recession in late 2010 or 2011. It was only recently that HotAir acknowledged that the economy may not improve by the end of this year.

Some commenters here are worried about a return of stagflation. That is not the worst possibility. Hoover and Roosevelt turned a bad economy into a long running depression by constant meddling with the economy, occasionally reversing their policies when things didn’t get better. Bush was a meddler; Obama is par excellent as a meddler.

burt on July 28, 2009 at 10:25 AM

the contraction in employment seems way too high. . . .

…because we dumped a huge pile of government spending on the problem, in the misguided belief that it would somehow lighten the load.

Count to 10 on July 28, 2009 at 10:32 AM

American Express took a beating the markets on news that their earnings where down, and that their card holders had cut their spending by 16%.

That is a staggering amount of non-spending.

I R A Darth Aggie on July 28, 2009 at 10:40 AM

I’m no economist, but I think we’ll be drifting for quite some time. Nobody will be expanding, while large and small employers will continue to cut people. Depending on people’s safety nets, I think by Labor Day next year, people will have had enough of Obamanomics. Sure, he’ll always have 30% of the electorate, but enough of the middle will realize he doesn’t know anything. Some have feared that ACORN will steal the 2012 election; I think we’ll be so impatient with him. His supporters–too many employed in ACORN, SEIU, AFSCME, and the like collecting gub’mint or gub’mint-subsidized paychecks–will be resented by those standing in private-sector employment lines.

In the meantime, it’s going to be bleak.

BuckeyeSam on July 28, 2009 at 10:02 AM

Here’s the deal: because of inflationary market distortions, current wages are too high. Until those wages adjust, or inflation catches up with them, workers are going to be in surplus, and our economy will be working inefficiently. We could get the economy growing again almost immediately if everyone just adjusted wages downward, but contracts, labor laws, and the minimum wage prevent it.
We also have an additional problem that the government is directing an increasing amount of production, which always lowers efficiency and damages total production.

Count to 10 on July 28, 2009 at 10:44 AM

One thing about a Democrat Recession is that it is much more cheerful. #1- No homeless people shown on TV as they did with Regan. #2 Tv reporters much more cheerful citing “green Shoots” in the economy. #3 Reports on laid off people ENJOYING being laid off–It’s like a vacation says one unemployed worker.
Only downside is a troubling report like we see above but even that is less gloomy than those reports during Republican presidents. I lived during the Great Depression so I have some experience in these matters.

Herb on July 28, 2009 at 10:50 AM

This is my fear.

No matter what let up we might see, all of the “new” money the Fed has printed out of whole cloth will be flooding the market over the next year(s) and creating rising inflation. To combat, interest rates will rise making loans and credit harder and lest enticing. More expensive credit leads to reduced investment and purchasing which leads to little/no growth at all levels in the economy. It’s 1978 all over again.

I really don’t see a genuine recovery under these cirsumstances since we won’t have an Addministration that will approve a tax/reg/gov’t cut of any kind for at least another 3.5 years. It’s sad and I hate to say it but it does really look like we are in this mire for a while to come.

JoeinTX on July 28, 2009 at 10:51 AM

There will be no economic recovery until Barack Hussein Obama has been driven from office.

The man is choking the private sector, and without them, this economy will continue to slide into the abyss.

Dave R. on July 28, 2009 at 11:02 AM

The economy will pick up once Gates and Crowley have that beer.

Chuck Schick on July 28, 2009 at 11:02 AM

This is, of course, the truth – in spades. Happy Democrat Blather from the network news branch of the Obama campaign can actually move the yard-markers forward by getting investors back into the market and getting people to spend, but they can’t fool manufacturers and wholesalers whose world is controlled by actual sales and inventory levels.

The Herd Freakshow that is the Dow and the Nasdaq rarely has anything to do with anything but anticipation, betting on the come. I am still expecting the usual third-quarter earnings bloodbath, and then it could be Katie-Bar-the-Door.

Jaibones on July 28, 2009 at 11:09 AM

The melancholy fact is that our ink, online and TV colleagues can be too easily snookered by Washington, Wall Street and Corporate America, all of whom are desperately peddling recovery rather than reality.

More like butt-covering for Duh Won.

And it’s also too bad everything, and I mean EVERYTHING this Administration and his Fascist ideologues in Congress have done (and want to do) has only made it worse.

Nothing has been cleared – it has gotten worse & worse & worse & worse. There is this entanglement between Wall Street and corrupt politicians and the Treasury and Federal Reserve… The doors are open between the three and Goldman Sachs…”

This is not the final crisis. The final crisis is the one where the whole system will collapse and the whole system will be cleaned of corrupt politicians and incompetent policy makers!”

As the American people should have been done long ago…

The 545 People Responsible For All of America’s Woes

Politicians are the only people in the world who create problems and then campaign against them.

Have you ever wondered why, if both the Democrats and the Republicans are against deficits, we have deficits? Have you ever wondered why, if all the politicians are against inflation and high taxes, we have inflation and high taxes? [...]

A CONFIDENCE CONSPIRACY

Don’t you see how the con game that is played on the people by the politicians? Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.

What separates a politician from a normal human being is an excessive amount of gall. [...]

Rae on July 28, 2009 at 11:09 AM

Oh, and of course: Rove, you Magnificent Bastard.

Jaibones on July 28, 2009 at 11:10 AM

And now for my most Reality-Based Pessimism:

If a tragic localized flood wiped out the entire Congress and administration and we had to find a new government in a week, there is no conceivable way it could be worse than this group of crooks, liars, Marxists and nitwits.

As Buckley said: I’d sooner be governed by the first 100 names in the phone directory than the Harvard faculty (our present congress).

Jaibones on July 28, 2009 at 11:13 AM

Jaibones on July 28, 2009 at 11:13 AM

Spot on, and if the flood were…uh…man made, the replacements might just be a little more careful about crafting good legislation.

Bishop on July 28, 2009 at 11:21 AM

No matter what let up we might see, all of the “new” money the Fed has printed out of whole cloth will be flooding the market over the next year(s) and creating rising inflation. To combat, interest rates will rise making loans and credit harder and lest enticing. More expensive credit leads to reduced investment and purchasing which leads to little/no growth at all levels in the economy. It’s 1978 all over again.

I really don’t see a genuine recovery under these cirsumstances since we won’t have an Addministration that will approve a tax/reg/gov’t cut of any kind for at least another 3.5 years. It’s sad and I hate to say it but it does really look like we are in this mire for a while to come.

JoeinTX on July 28, 2009 at 10:51 AM

Not a whole lot I can argue with there, though the inflation would be self-correcting to some extent if union demands and minimum wage laws didn’t rise with it.

Count to 10 on July 28, 2009 at 11:28 AM

But…but…but….all the talking head MSM Obama cheerleaders are saying “Happy Days Are Here Again!”

They wouldn’t lie to us, would they? Hahahahahahahha!

GarandFan on July 28, 2009 at 12:00 PM

Wake up America! The Democrats want you to HAVE to need their entitlement programs so you’ll vote for them to continue to get them. In order to do this they have to wreck the economy and push as many of the middle class below the poverty level as possible.

TrickyDick on July 28, 2009 at 1:47 PM

Obumbler said “the Stimulus was working exactly as intended.” This is one of the very rare occasions where I believe him.

jukin on July 28, 2009 at 3:58 PM